$38m is a lot of green

By Peter Sweeney
PAKENHAM’S historic racecourse has been sold for $38 million.
Developers, The Corcoris Group (TCG), headed by Nicholas Corcoris, have purchased the 25-hectare property.
The racecourse was last year rezoned to a Comprehensive Development Zone by the State Government. It comprises medium-high density residential, as well as a parcel of retail and commercial space.
The PRC is now looking at selling its remaining 3000sqm residential land holding adjoining the racecourse site. This is expected to fetch $1 million.
Chief executive Michael Hodge said the PRC was pleased with the sale, which would enable it to fund the $44 million first stage of its Tynong racing centre, which eventually would be developed into a world-class racing and training facility.
“We are very happy with the sale, as it means we can fund the entire stage one without compromise,” Hodge said.
“This includes a 2400m grass track, $8 million event centre, tunnel, two sand tracks, fully roofed race day/training stalls and stage one of trainer allotments.
“Racing begins at the new course in August 2013 and we expect to vacate the current site in March of that year.”
The Minister for Racing, Denis Napthine, said Pakenham’s new racecourse would be a “massive boon to Victoria’s racing industry.”
“The new facility will be world-class, providing unbridled opportunities for trainers, jockeys, owners and racegoers alike,” Napthine said.